What Are Nonexempt Property In Bankruptcy And Why Does It Matter?

If you are facing bankruptcy, you may be wondering what to do with nonexempt property. There are a few options available to you. You can either keep your non-exempt property, or you can use it to purchase another exempt asset.

Non-Exempt Property

When you file for bankruptcy, it’s important to consider what types of property are considered non-exempt. The value of your non-exempt property will be determined by the bankruptcy trustee and they will decide whether they’ll sell the property for enough to cover your debts. This means that your non-exempt property may be worth less than its market value. If this happens, your monthly payments will increase significantly.

When you file for bankruptcy, you should consult with a Bankruptcy Attorney Tampa who is familiar with the laws in your jurisdiction regarding the definition of non-exempt property. This attorney will be able to discuss your options and explain the importance of exemption planning.

Non-Exempt Equity

Before you file for bankruptcy, you should know if you have non-exempt equity. This can affect the type of bankruptcy you file. A Chapter 7 bankruptcy will sell non-equity items to pay creditors, while a Chapter 13 bankruptcy will reimburse creditors for non-exempt equity through a repayment plan.

To calculate your equity, subtract the amount of the debt from the value of your property. If you have a car, for example, your equity is $6,000, but you still have a loan for $38,000. This means that if you have a car worth $10,000, you have a non-exempt equity of only $2,775 in Arizona.

Also read about, How Can an Attorney Help With My Car Accident Claim?

Buying Non-Exempt Equity to Purchase an Exempt Asset

In bankruptcy, one option for purchasing an exempt asset is to buy non-exempt equity in a property. Buying non-exempt equity is a risky proposition. If you have equity in a car, for example, you may have to pay a trustee $4,000 to buy it. The trustee will then store the car and insure it, pay a dealer, and possibly even pay an auctioneer.

When buying non-exempt equity in order to purchase an exempt asset in bankruptcy, remember to keep track of every penny. You may be able to use the money from the sale of a non-exempt asset to pay off debts in a Chapter 13 plan. In many cases, people choose to use the money they receive from the sale of their non-exempt equity in their non-exempt property to purchase another exempt asset.

When to Keep Non-Exempt Property in Bankruptcy

If you own a non-exempt property, you may be wondering when to keep it in bankruptcy. Under Chapter 7 bankruptcy, you can keep non-exempt property from liquidation by offering to repurchase it. Otherwise, the trustee may decide the property is not worth selling and will file a Notice of Abandonment.

Non-exempt property can be anything ranging from fancy jewelry to family heirlooms. Some items are even considered non-exempt, like recreational vehicles like boats or cars. Luckily, most states offer an exemption for motor vehicles. However, other items, like a second home, are not.

Fortunately, you can get a cost-effective help with the bankruptcy process. Contact a Bankruptcy Lawyer Tampa FL at Galewski Law Group today if you have any questions regarding how they work. Don’t delay.

Reference url, https://bit.ly/3rDFaJV

Things to Remember Before Your Initial Meeting with a Bankruptcy Attorney

Filing a bankruptcy is often a difficult decision for any individual. It’s the time when you are suffering financially and emotionally and one surely wishes to make the right decision at this point of time to ensure they could be back on right track shortly. Finding the right Bankruptcy Attorney in Tampa or wherever you are looking to file remains critical. There are a lot of things to consider the way in advance to ensure that you find the right man for the job. Let us closely look at some of those factors which should be taken deeply considered before you met with a bankruptcy attorney.

Also read about, What Kind Of Damages Would You Recover If Injured in an Auto Accident

The Initial Interaction of 30 Minutes

Your first interaction with your lawyer would be very important. Preparing for it in advance will be critical. It will involve a good list of questions that might be uncomfortable for you to answer but being truthful at every question will pretty much determine the destiny of your case. A good bankruptcy lawyer in Tampa explains that being open with your lawyer about every small related detail will help to strengthen your case.

Be Organized

Being organized during your initial sessions with your lawyer would surely help. Keep every critical detail about your financial situation and assets along with you and present them in an orderly manner. Having a hard copy of these details is preferable to just having a soft copy with you.

Financial Information

A popular bankruptcy attorney in Tampa explains that filing for bankruptcy would require a very clear and transparent outlook on your financial situation. It would require one to give a clear picture about their overall loans, assets, mortgages along with any other outgoings.

Questions To Ask Your Bankruptcy Attorney

It is important to know your rights and have a clear picture of where you stand and what options you have to come out of this tense situation. Asking legit questions with your attorney would surely help. Try to know details about chapter 7 or 13 bankruptcy, what will be the timescale, what has been the success rate of such cases along with any other question that sticks in your mind.

Write Down Every Important Detail

Using your phone or laptop at your initial meeting to write down important details during your initial meeting would be a little inconvenient. Better have a pad and pen and write down every important detail that comes your way through the lawyer. Do prepare your question on the same pad and do not forget to clear every little doubt. 

Communication

A clear and transparent communication channel in such cases is the most important element. One should be very clear about how they will receive the critical inputs and progress from the lawyer. A well-defined communication channel will be the key for the case to run effectively.

 Fees

Remember there are no consultation fees charged when you visit the right lawyer. But once you hire a lawyer for the case and proceedings commence there will certainly be a fee to be paid. Discuss at early stages and do consider the experience and skills before you decide to hire anyone for the case.

Galewski Law Group has a team of the best bankruptcy lawyers in Tampa who would be happy to help you with any similar case.

Also read about, What I Keep If I File for Chapter 7 Bankruptcy?

REFERENCE URL: https://bit.ly/3QEUBMN

What I Keep If I File For Chapter 7 Bankruptcy?

It is probably the most common type of bankruptcy filed in the United States to save one from piling up debt. A Tampa bankruptcy attorney explains that the idea is pretty simple; if one has a lot of payments pending to be paid to the creditors and the person remains in a terrible situation of not being able to pay then the only way out is to file for the chapter 7 bankruptcies and give oneself a new and fresh start in the financial aspect.

Also read about, 5 Things You Should Know before Filing Divorce in Tampa

What Are Bankruptcy Exemptions?

Some debts are not secured due to the absence of collateral on such debts.  All the debts that are discharged while filing the chapter 7 bankruptcy will be the unsecured debt. Unsecured debts could comprise a person’s medical bills or credit card debt. People are often scared of losing out their assets while filing for bankruptcy. But it’s not the case with chapter 7 bankruptcy most of the time. Some specific exemptions will secure your asset and save them from getting liquidated. The exemptions are mostly based on a certain amount and mostly they can cover your entire asset’s value.

Common Chapter 7 Exemptions

 Let us understand some of the exemptions in the chapter 7 bankruptcy

• Your home and property

One of the most important points includes that your home and property are exempted up to the amount of $136,925 of the equity. People could even plan to double this amount while both spouses file for bankruptcy.

• Your vehicle

One motor vehicle for the amount of up to $3775 can be protected under automobile protection.

• Personal Cash And Household Items

A certain amount of cash and household items are also protected.  A cash amount of up to $475 is protected. There is also a clause for the protection of furniture and other appliances which are covered up to the cost of $12250 and the cost of each item should not exceed $575. The jewelry for about $1700 is also protected.

• Wild card exemption

If there is any other property apart from real estate, Ohio allows the protection on it for the amount of $1250.

Can I Keep My Tax Refunds?

They are not exempted and could easily be added to your bankruptcy estate. Though there is some possibilities like-

• The tax year before your bankruptcy was filed: they will go to the estate and be paid as part of your debts.
• The tax year that your bankruptcy was filed: includes the income after filing for the bankruptcy. You will get to keep the part of your refunds.
• The tax year after your bankruptcy was filed- no effects due to bankruptcy and you get to keep the refunds.

Keeping Your Home and Car

One will have to keep paying the payments if they wish to keep their car and home. Chapter 7 bankruptcy helps a lot in helping you save your assets. We at Galewski Law Group have a team of the best bankruptcy lawyer in Tampa who are always available to bail you out from any such situation.

Also read about, Is Your Divorce Case a Candidate For Permanent Alimony?

REFERENCE URL: https://bit.ly/3JcJack

The 3 Most Common Bankruptcy Options for Businesses

Business bankruptcy for a businessman is a bad dream to see. If you have to face bankruptcy in business and have no way to recover the loss, you can have only alternative to file the bankruptcy for the business. Filing bankruptcy for business is a legal process, which helps struggling businesses recover the loss or limit the liabilities for the company’s losses. For this aim, you may take the aid of a bankruptcy lawyer in Tampa. There are many law firms in Tampa city, where you will find experienced business and bankruptcy lawyers. They have extensive knowledge of filing bankruptcy for businesses that have bankruptcy and seeking options to regain their status.

Also read for, Should I Hire a Lawyer After a Minor Car Accident?

There are different kinds of bankruptcy options that you can apply for your business bankruptcy case to recover the loss. If you live in Tampa city, United States, you will have three standard types of business bankruptcy rules as follows:

1. Chapter 7 or Liquidation Bankruptcy

Chapter 7 or liquidation bankruptcy is an easy process of filing bankruptcy for a business to get rid of the company’s liabilities or limit them. Once you qualify for the chapter 7 bankruptcy, you can file for it and get immediate closing of business to get enough time to regain the loss. Under chapter 7 bankruptcy, you can liquidate the company’s assets to recover the losses and rebuild the organization. You can get more details about chapter 7 bankruptcy from Tampa bankruptcy attorneys and follow their guidance to get results.

2. Chapter 11 or Restructuring Bankruptcy

When you find a business to lead to the bankruptcy stage and you want to prevent it from complete loss, you can file for chapter 11 bankruptcies. This sort of business bankruptcy enables you to reduce the business loss by limiting expenses and budgetary cuts. You can close some branches of business and make a structured payment plan for workers. All in all, you can restrict the whole loss of business by making major decisions to limit monetary losses. For more details about chapter 11 bankruptcy, you can consult an expert bankruptcy attorney in Tampa, FL, or approach the law firms in the city.

3. Chapter 13 or Wage Earner’s Bankruptcy

The chapter 13 bankruptcy rule belongs to the sole proprietorship type businesses. If you are running such type of business, you need to file for this chapter 13 bankruptcy to get more profits. This bankruptcy rule enables you to make payments on debts and preserve your assets too. It is a legal process that you need to understand first and qualify for the same too. For better knowledge, you may consult the best bankruptcy lawyers in Tampa and get rid of bankruptcy issues soon.

If you are looking for the best bankruptcy lawyers in Tampa, you may approach the “Galewski”, which is one of the reputed law groups in Tampa city. For more details, visit https://www.galewski.com

Also read for, 7 Tips for Choosing a Divorce Attorney

How to Cooperate As a Bankruptcy Client?

Bankruptcy could be defined as a situation one which a person or a firm is no more in a condition to repay the outstanding debts and is finding it hard to stay afloat and bear any more expenditure. One must never hesitate in filing for bankruptcy because during your financial woes, filing for it would give you a chance to try making things in order again and start rebuilding on a positive note. A bankruptcy client has to be patient as well as proactive while filing for bankruptcy. It is often said that even a little mistake with your papers or your details might land you up in good trouble. Therefore it is very important to find yourself a very good and experienced bankruptcy lawyer before you start filing for bankruptcy. We at Galewski law group have a team of some of the best bankruptcy lawyers in Tampa, FL. We would be glad to help you in the difficult times and will make sure to give you the best suggestions at every step.

As soon as you hire an expert, make sure to reveal every bit of detail because that’s how one will be able to help you and work in the right direction. It is also expected that one has to be very decent with the lawyer and be very cooperative throughout the whole process. Being offensive in any way will only harm the client and disrupt the process. Every little detail matters, so the client is often expected to deeply understand all the requirements and all the papers according to what your attorney states and make sure to provide him with everything on time. Your attorney will be the one who decides what would matter and what won’t. One is also required to give a transparent state of his finances. It is not something one has to be embarrassed about but should rather be vocal, so the lawyer could help you in the best possible way.

Also Read: Things You Must Know Before Filing For Bankruptcy?

In many cases when people try to hide some information or present it to their lawyer in a different way, it backfires. At some point in time, the reality would come out and would not only expose the individual in a wrong way but would also be an embarrassing moment for their representatives. It will also be a case failure. Therefore it is highly appreciated when all the information given to your attorney is legit so he carries on with your case in full confidence. Popular Tampa bankruptcy lawyer explains the importance of receiving the right information as they state that the initial inputs provided by the client are the very base of the whole case and what is more important than to have a solid base to give the right structure to your case.

It is also a guideline in such cases that the client must look to provide even those inputs which he finds of no use. You might feel that they are less important or not important at all but still make sure to inform about them your attorney. Let him decide what is needed and what is not needed. moreover, everything remains confidential in such cases and one does not have to worry about whatever he provides to the attorney.

The whole idea during these processes is to remain calm and keep your composure. Even a little frustration will be enough to distract you and make your case go in the wrong direction. The bankruptcy process needs precision. so they can be tiring and take a toll on your mental health as you already suffer from your financial woes. The best way out is to listen to your attorney and comply. We at Galewski Law Group have a team of one of the bestbankruptcy lawyers in Tampa, FL. We would be glad to help you with your case from day 1. We have an ample amount of experience in dealing with bankruptcy cases and this gives us the confidence to provide you with the expected results.

Original Source: https://bit.ly/38bidrw

Fighting the myths that keep people from filing bankruptcy

Bankruptcy is still seen as a taboo in our society. It is often being judged as a symbol of failure. There is also a ton of misinformation that revolves around the hysteria of bankruptcy. The problem is that many people are not well informed and when they believe in any such fake assumptions about bankruptcy they opt not to file for it even they are suffering and need a dire bailout. A very famous Tampa bankruptcy attorney explains that a situation of bankruptcy arises when people are not being able to pay their debts or the debts have risen to such a level that it has collapsed any chances of repayment and come out of the vicious circle. The situation could also arise when people suddenly lose a lot of their income for some reason and are now able to stay afloat with tons of pending payments already looming over.

Filing the bankruptcy does not mean the end of the road but it is rather a new starting or a new life where you breathe and get a chance to start all over again. You get a chance to fix the issues and an efficient plan to repay the debt and move towards generating passive income. But the inaccurate stories in the market about the bankruptcy fail the motive of it. it pushes the people down further as they disown the option of filing bankruptcy and rather keep struggling until they eventually choke. We at Galewski Law Group would be glad to help you and connect you with a bankruptcy lawyer in Tampa who would help you in understanding the benefits of filing bankruptcy and the process to do the same. Let us further look at some similar myths that keep people misinformed about bankruptcy.

Also Read: Does Filing Bankruptcy Affect A Co-signers Credit?

Only poor and irresponsible people file for bankruptcy

As we discuss that filing the bankruptcy comes at a cost as people in society many times assume that the person filing is broke or is particularly very irresponsible which is the reason he has been in such a situation. People often assume that only a broke would have to file bankruptcy but this is far from true. People with big incomes might have to file for bankruptcy for their reason and would still be considered equally rich. Also, being irresponsible has got nothing to do with bankruptcy. Now suppose if you suddenly suffer from a disease and are not able to run the business you might have to file bankruptcy, so it doesn’t mean that one was irresponsible at any point.

Bankruptcy will cost you everything you’ve acquired

It is somewhat true that you might have to liquidate your personal belongings and asset to fulfill the debt requirements. But a Bankruptcy Attorney in Tampa explains how filing a chapter 13 bankruptcy might help you save some of your assets such as your car and house from being pushed to liquidate to settle debt payments.

Bankruptcy will mean that you won’t qualify for credit ever again

The tag of bankruptcy is bound to come off from the credit reports after a certain period. The bankruptcy chapter 7 will help you get off the credit report in about 10 years and the chapter 13 bankruptcy will help you get off the credit report in about 7 reports. But you can still qualify for credit cards in a few months and for bigger credits in a few years no matter if you are bankrupt on the credit report. All you need is a right Tampa Bankruptcy Attorney who will explain the process of qualifying for any such clause.

What Happens to My Cosigner in Bankruptcy?

When someone is about to apply for a loan, he may come around this word consignor, a person who plays an important role while the loan is being sanctioned. The consigner would be the one who would have signed and thus confirmed that in case the primary debtor does not meet the timeline and fails to make the payment; in that case, the consigner will guarantee the payment. So basically it will be upon the consigner to meet the payment to be made in total. The consigner would be pretty close to the loan owner; it could be from one’s family or a close friend. Thus consigner provides a double assurance to the entity who has sanctioned the loan that if in case the borrower fails to pay he is liable to make the full payment. From the words of a popular bankruptcy attorney, a consigner could be considered the most important person between the parties involved.

So now if in the future borrower is finding it difficult to make the payment and is not able to handle its pressure, he may start thinking of filing a bankruptcy. It will be the only route through which he may try to revive and give a new life to his financial woes. But in that case what happens to the consigner. It is pretty obvious that the borrower shares a very close relationship with the consigner and would be concerned about the consequences the consigner might have to face. The concern is pretty genuine as the consigner has believed in you and has even promised to pay in full if the loan is not paid by the owner of the loan. During the time of filing the bankruptcy, the borrower might have unwillingly pushed the consigner towards the hook of full payment. The consigner in such a case will also be listed as a creditor by the bank. In case if you are facing any such issue, we at Galewski Law firm will provide you the advice from one of the Bankruptcy Lawyers in Tampa, Florida, and will help you sort this issue by making you move towards the best choices you’re left with.

Bankruptcy options

There are largely two bankruptcy options available for most small businesses and individuals, the first one is the chapter 7 bankruptcy and the second is the chapter 13 bankruptcy.

• In case of chapter 7 bankruptcy, it will help you get relieved from almost all your debts, which would include your medical debts or your credit card debts, and all your rent and leases.
• Now in the case of chapter 13 bankruptcy, it follows a pretty different route from what chapter 7 bankruptcies provides you, it will help you create a monthly plan of 3 to 5 years where it will pay off your debts in several steps over the years.

A good conversation with the bankruptcy attorney might help you understand what’s in your best interest. It will help you understand that what would be the effect if you either of the bankruptcy chapters. Which one can be more helpful in your specific case? It’s important to understand an individual’s situation and then someone would be able to help you with what will be in your best interest.

Also Read: What restaurant owners should know about bankruptcy?

Chapter 7 bankruptcy’s effect on consigners

It would sound pretty unfortunate but in case of the chapter 7 bankruptcy, it will not provide any kind of protection to the consigner. The person who has borrowed the loan and now files for bankruptcy will see all his liabilities wiped off with the help of chapter 7 bankruptcy. All those personal loans and liabilities of the borrower would be settled. But in the case of the consigner, he will be having minimum relief from this, as he would still be hanging on the hook to settle all the amount of the discharged debts. There are also cases in the chapter 7 bankruptcy when the prime borrower would be entitled to keep paying his debts of a home loan or other loans of auto, to make sure that the debtor is allowed to keep his car and his home even after the bankruptcy. This will lead to some level of relief for the consigner for the impact on him would be minimized to some extent.

Now in case the prime borrower is not willing or is not able to pay the debt on these loans at all under the chapter 7 bankruptcy, it will directly impact the consignor who would now be entitled to pay all those debts or else get ready to file for the bankruptcy as well. Bankruptcy Lawyers in Tampa, Florida always advise that in these difficult situations, the prime borrower should coordinate well with the consignor and after filing for the chapter 7 bankruptcy, If at any point feels that he won’t be able to pay the debt or of decides to stop paying the debt suddenly, he should inform the consignor timely so he may, in turn, make the right decisions which may fall in his best interest.

Chapter 13 bankruptcy’s effect on consigners

Chapter 13 bankruptcy has its own set of proceedings, where the prime borrower has the opportunity to keep paying the loan, and this allows the consigner to have a sense of protection from the immediate effect that could have graveled him if not this case. The consigner is therefore safe until the debtor is fulfilling his responsibility instead of backing out abruptly. The consigner therefore won’t be contacted by the creditor and be asked to pay the debt in full at the earliest. Though such a case applies only if-

1. The consigner is not a corporation or a partnership but instead is an individual
2. He didn’t become liable for debt during the ordinary course of the business
3. The debt in such case should be a consumer debt, which constitutes a loan taken for personal reasons, household or family reasons.

If all these guidelines are properly met, the stay for any action against the consigner would be applied until in case the creditor asks the court to live any such clause. The creditor can ask it to be lifted in a few specific cases-

1. If the consigner has received the debt consideration (i.e the loan fund which was used to purchase property were received by the consigner)
2. If the payment of that debt were not included in the chapter 13 plan.
3. Or the interests of the creditor are being harmed due to this stay.

In case the court agrees to live this stay, then the creditor will have the full and immediate rights to collect all the debt from the consigner directly. There are also cases when the creditor decides to proceed against the consigner if the bankruptcy under chapter 13 is dismissed for any reason or is converted to chapter 7 bankruptcies.

If you’re willing to file the chapter 13 bankruptcy in Tampa, Florida, we at Galweski Law Group are more than willing to help you in these difficult times. We would be happy to advise you after a good analysis of your case and will make sure that you and the consigner do not remain under any sort of pressure and the case is dealt with in smooth proceedings.

What restaurant owners should know about bankruptcy

Being a restaurateur sounds pretty exciting to most people. Almost everyone loves food and a large proportion of people also dream of having their own little space to serve the best delicacies. It seems like a very lucrative business option to most people. The spending power of people has shot upward significantly in the last couple of decades. Thus people tend to spend more on an outing, spending fun time with family and friends while having decent food in a restaurant with a fun environment. Given the large number of restaurants which has come up in last a decade, it clearly shows the rising popularity of different kind of foods among the masses and thus it justifies such a boom.

But what’s puff and creamy from outside, is rather a very risky business. Owning a restaurant is not a joke these days. The co-vid 19 pandemics has bought more mess in already struggling ventures. The lock down bought everything to a standstill and even after everything started getting normal after the roll-out of vaccines, some business still tends to suffer. Restaurants are few those segments still struggling. People are still scared and tend to avoid public places. Thus restaurants are struggling to stay afloat given all the fixed costs they have to incur even if they remain shut.

The same scenario is being experienced all over the country and likewise in Florida to the number of tourist inflow has abruptly plummeted thus scenes of vacant restaurants are a common sight. During this span of one year, restaurants filing for bankruptcy have been a piece of very common news doing rounds from social media to mainstream media. And if you are unable to pay the impending costs and are planning to file bankruptcy, you are not probably alone. The data of 3 months from March to June shows how there has been more restaurant bankruptcy filing than in any other industry. A significant proportion of almost 12 % of restaurant bankruptcy has been recorded in those 3 months.

If you are looking for a Bankruptcy Lawyer in Tampa Florida, we at Galewski law group are there to assist you most smoothly. We are a team of set professionals who have expertise in making your process smooth and free of hassle while you are already under stress about your bankruptcy procedures and legality.

What about filing chapter 11?

One might consider filing for Chapter 11 bankruptcy. It is filed in case you wish to let your restaurant be open and let it keep operating. We at Galewski law firm will be more than glad to help you file it most smoothly. There are several advantages with chapter 11 bankruptcy which should be understood well in prior.

• It gives you a chance to restructure your impending debts, and lets you plan to pay them over a longer period with small payments. This will give you an ample amount of time and you would be able to pay off with much less pressure insight.
• If you have got to pay for any commercial vehicles or equipment, you can seek a loan for it at much lower interest rates.
• Chapter 11 bankruptcy will help you reduce the amounts of your unsecured debts.
• An obvious and automatic stay will be applied once you file the chapter 11 bankruptcy, which will put a full stop to any creditor harassing you for the remaining payments. No one would be able to question your integrity. No unnecessary calls trying to put pressure over you. Moreover, no one would be able to claim a dubious possession over your restaurant equipment or on the commercial vehicle.

Getting a second chance

Unlike other bankruptcy filings, chapter 11 is a vital opportunity for anyone who wishes to stay afloat for the time being and later give oneself a chance to commence a new beginning in form of a major comeback. You can take enough time to chart out your plan and give a fresh boost to your business and get back on track with a stronger financial footing. The business which you commenced with a dream will not have to be shut close due to difficult circumstances; the chapter 11 filing will help you keep your dreams alive.

To help you file for bankruptcy, one can find Bankruptcy Lawyer in Tampa Florida. It is always advisable to seek help from a lawyer and seek his expertise to make sure that you don’t end up making a mistake that could have severe repercussions. A lawyer will make you understand all the legal data which has to be concise and correct. Even the slightest mistakes can land you in considerable trouble. Contact Galewski law Group to further understand all the details about our work and expertise and seek immediate help if you are willing to file for bankruptcy.

WHAT SHOULD YOU NOT DO BEFORE FILING BANKRUPTCY?

It is easy to understand how complicated the procedure could be to file for the bankruptcy and you can list multiple things and many possible scenarios which could go wrong while you are trying to file for it. So there are many things which need to be looked upon and considered before you come upon the decision to file for bankruptcy, we list upon few of them to make you understand what should definitely be avoided.

Things you should avoid before filing for bankruptcy

Never try to hide your assets, income or debts- people do this king of terrible mistakes many times. The tend to feel that hiding these assets or income from their Bankruptcy Attorney, showing them on name of their family members is a grave mistake and should definitely be avoided. People who end up lying about their assets might face serious criminal charges because it is absolutely illegal to do so. People also end up paying higher penalties and had to spend double the amount they were trying to save. One should definitely refrain from indulging in such activities.

Don’t incur additional unsecured debt you are not willing to repay

People who have made up their mind to file for the bankruptcy and their debts are about to deplete, they usually give a thought to max out their credit cards as well. This is never advised.

Don’t touch your retirement funds

Never touch your retirement account trying to drain it before filing for bankruptcy because your retirement account is generally exempted from any creditors claim.

Also Read: https://galewski.com/how-to-choose-bankruptcy-lawyer-in-tampa/

What happens if you make a mistake?

When you are into this kind of long and tedious process such as bankruptcy filing there are always chances of mistakes. It depends on how grave the mistake is. There are minor mistakes which have little to no impact. Maybe at times you might have to face some sort of inconvenience because of those little mistakes. But serious mistake can often land you in trouble. If in case you have lied to or have done some injustice while filing your documents you might have to suffer and pay huge penalties and in some particular case might have to serve prison time as well.

Need help filing for bankruptcy; contact our experienced bankruptcy attorney today

Filing bankruptcy is often tedious and difficult process, so we at Galewski law group rather offer you a smooth and clear process for doing it. We try to minimize your concerns through solving one on one solution to the problem and keep track of every impending issue to resolve in best possible way. We have dealt thousands of cases successfully and have years of experience, which is the reason we are confident to provide the best solution to our customers.

If you want to get free consultation from the expert bankruptcy attorney in Tampa, you can call us at (800)755-4968. You can also contact us via mail. Our mail I’d is info@galewski.com

How Small Business Owners Can Avoid Bankruptcy

A recent study by the FDIC shows that most small business credit card debt is unsecured. Most of these businesses are seasonal or new, and their revenue is usually lower than that of larger companies, which are more reliable. A number of these seasonal or new businesses fail within the first two years. The reason for this is usually poor cash flow management. In these cases, bankruptcy may be an option for how small business owners can avoid bankruptcy.

The most important thing to remember when considering bankruptcy is that you must act carefully and intelligently. If you do not take the time to find the right bankruptcy attorney, then your chances of a positive outcome are greatly reduced. This is a case where word of mouth and references from others can help you. Those who have had experience with bankruptcy proceedings can also be valuable sources of advice.

In Florida, there are certain rules and laws that apply to the financing of a business. A business must operate for one year prior to filing bankruptcy. Once filed, credit card accounts must remain current throughout that period. Credit cards can be declared dead if a company is insolvent. It is also illegal to personally guarantee the payment of any debt owed to a creditor, including a credit card.

While it would be nice to think that a bankruptcy attorney could help you out every time you find yourself in this situation, in reality, bankruptcy lawyers are not good at predicting how a company will perform a second time around. This is because of many factors. One is the fact that a company’s financial situation changes over time. A seasonal business may be helped by credit card sales during Christmas and New Year’s. But if a company is making money hand over fist, bankruptcy may not be an option when it comes time to pay back credit card debts.

Bankruptcy can destroy a small business in a matter of months. Credit card debts can result in the immediate shutting down of a business. As soon as a bankruptcy lawyer represents a client, this company’s credit rating and ability to borrow from banks are affected. The very credit that helped bring a business into existence can be ruined in a matter of months when that business is deemed insolvent.

If you find yourself in this situation and think bankruptcy might be your best option, you should contact a bankruptcy attorney as soon as possible. There may be other avenues you can take to protect your business. Small business credit counselling services can be found all across the country. If your company is facing bankruptcy, do not risk losing your business and the money you have worked so hard to obtain.

If you are facing trouble in filing for bankruptcy in Tampa, you can contact the experienced attorneys at Galewski Law Group. For more information, You can call us at (813) 222-8210